CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss		$ (115,519)	$ (299,512)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense		46,090	44,306
Depreciation and amortization expense		756	435
Amortization of debt issuance costs and discount		807	1,127
Amortization and interest accretion related to operating leases		111	0
Other non-cash items		942	0
Changes in operating assets and liabilities:
Trade receivables, net		(25,409)	(6,899)
Prepaid expenses and other current assets		(44,818)	(11,813)
Inventory		(29,429)	(7,072)
Accounts payable		(5,624)	(19,047)
Accrued liabilities		32,784	25,631
Accrued interest, net of interest received on maturity of investments		3,366	(11,258)
Net cash used in operating activities		(135,943)	(284,102)
Cash flows from investing activities:
Purchases of marketable securities		(356,346)	(364,988)
Sales and maturities of marketable securities		568,082	346,431
Acquisition of intangible asset		0	(5,000)
Purchases of property and equipment, net of disposals		0	(488)
Net cash provided by (used in) investing activities		211,736	(24,045)
Cash flows from financing activities:
Net cash provided by financing activities		10,381	707,829
Net increase in cash, cash equivalents, and restricted cash		86,174	399,682
Cash, cash equivalents, and restricted cash at beginning of period		105,019	99,915
Cash, cash equivalents, and restricted cash at end of period	$ 105,019	191,193	499,597	$ 99,915
Supplemental disclosure of cash flow information:
Obtaining a right-of-use asset in exchange for a lease liability	$ 200	3,982	0	$ 1,600
Nonrelated Party
Cash flows from financing activities:
Proceeds from issuance or sale of equity		0	397,510
Related Party
Cash flows from financing activities:
Proceeds from issuance or sale of equity		$ 10,381	$ 310,319